XML 153 R6.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 4,807 $ 3,750 $ 3,843
Adjustments to reconcile net income to net cash provided by operating activities:      
Net realized (gains) losses on financial instruments (114) 180 (145)
Other-than-temporary impairment losses recognized in income 47 26 33
Loss on extinguishment of debt 2 11 282
Loss on disposal of assets 3 13 15
Deferred income taxes 81 91 (1,272)
Amortization, net of accretion 986 1,008 780
Depreciation expense 147 124 111
Share-based compensation 294 226 170
Changes in operating assets and liabilities:      
Receivables, net (1,053) (695) (22)
Other invested assets (48) (1) (36)
Other assets (170) (26) (629)
Policy liabilities 1,826 (1,059) 732
Unearned income 115 (36) (120)
Accounts payable and accrued expenses (593) 122 922
Other liabilities 148 (25) (120)
Income taxes (325) 323 (194)
Other, net (92) (205) (165)
Net cash provided by operating activities 6,061 3,827 4,185
Investing activities      
Purchases of fixed maturity securities (10,487) (8,244) (9,795)
Proceeds from fixed maturity securities:      
Sales 5,914 6,442 7,932
Maturities, calls and redemptions 2,437 1,938 1,848
Purchases of equity securities (11,825) (896) (5,416)
Proceeds from sales of equity securities 12,364 2,809 3,463
Purchases of other invested assets (642) (531) (1,164)
Proceeds from sales of other invested assets 320 411 219
Changes in collateral and settlement of non-hedging derivatives 0 0 65
Changes in securities lending collateral 254 (149) 625
Purchases of subsidiaries, net of cash acquired 0 (1,760) (2,080)
Purchases of property and equipment (1,077) (1,208) (791)
Other, net (50) (71) 12
Net cash used in investing activities (2,792) (1,259) (5,082)
Financing activities      
Net (repayments of) proceeds from commercial paper borrowings (297) (107) 175
Proceeds from long-term borrowings 2,473 835 5,458
Repayments of long-term borrowings (1,123) (1,684) (2,815)
Proceeds from short-term borrowings 7,590 9,120 5,835
Repayments of short-term borrowings (8,035) (9,250) (5,000)
Changes in securities lending payable (254) 150 (625)
Changes in bank overdrafts (169) (210) 71
Premiums paid on equity call options (1) 0  
Proceeds from sale of put options 0 1 1
Proceeds from issuance of common stock under Equity Units stock purchase agreements 0 1,250 0
Repurchase and retirement of common stock (1,701) (1,685) (1,998)
Change in collateral and settlements of debt-related derivatives (34) 23 (149)
Cash dividends (818) (776) (705)
Proceeds from issuance of common stock under employee stock plans 187 173 225
Taxes paid through withholding of common stock under employee stock plans (84) (81) (46)
Net cash (used in) provided by financing activities (2,266) (2,241) 427
Effect of foreign exchange rates on cash and cash equivalents 0 (2) 4
Change in cash and cash equivalents 1,003 325 (466)
Cash and cash equivalents at beginning of year 3,934 3,609 4,075
Cash and cash equivalents at end of year $ 4,937 $ 3,934 $ 3,609